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The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?

The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
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lem Set GO GO ALGO ALGO 2.ALGO 12 5.01. ALGO 5.06 05.04 ] 06.07 ALGO E.06.04 ALGO E.06.06 ALGO eBook < N Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? S b. What is the total cost of the ending inventory according to LIFO?
Transcribed Image Text:lem Set GO GO ALGO ALGO 2.ALGO 12 5.01. ALGO 5.06 05.04 ] 06.07 ALGO E.06.04 ALGO E.06.06 ALGO eBook < N Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? S b. What is the total cost of the ending inventory according to LIFO?
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